Rupee steady ahead of FDI debate in Rajya Sabha

The rupee was trading steady at 54.53 to the dollar, virtually unchanged from Wednesday's close. Forex markets are likely to await the outcome of FDI in multi-brand retail, a debate and vote which is likely to take place in the Rajya Sabha over the next two days.

The outcome of the vote would remain important for rupee sentiments given the fact that FDI in multi-brand retail would directly effect dollar inflows into the country.

Any adverse outcome of the vote could see the rupee drift lower in the next few trading sessions. The rupee has been steady over the last few trading sessions as dollar inflows from foreign funds continues unabated.

So far foreign funds have invested an amount of more than Rs 1 lakh crores in the calendar year 2012, which has helped support the rupee.